A neighborhood of cottage-style rental homes is taking shape in Riverlights.
Work on the project, which will be Wilmington’s first build-for-rent neighborhood, began earlier this month, according to a news release from Riverlights, a master-planned community in Wilmington situated along the Cape Fear River.
The new community — called the Cottages at Riverlights — will consist of 279 homes, including a mix of one-, two- and three-bedroom cottages along with studio lofts and two-story carriage units.
The first home in the 21-acre community is set to be delivered in late 2022 with completion of the neighborhood expected in spring 2023, according to the release. The project is being developed with Capstone Communities, a Birmingham-based commercial real estate firm that specializes in development, management and construction of student and multifamily housing.
Developers aim to “fill an important niche” in the real estate market and appeal to a diverse group of potential renters, according to Nick Cassala, the vice president for operations at Riverlights.
“We anticipate The Cottages at Riverlights will be home to young professionals, buyers awaiting a home under construction, empty nesters and families looking for an independent home for relatives,” Cassala stated in the release.
The release states that build-for-rent neighborhoods are a growing trend within commercial development. Another community of 83 rental cottages began construction earlier this year near Shallotte.